Majority ownerships at Stewart Terrace on The Peak are up for tender and are expected to attract interest from developers.
Nineteen out of the 20 flat owners have appointed surveyors firm Professional Property Services to handle the tender, which will close on December 15.
The winning bidder of the tender will acquire 95 per cent ownership of Stewart Terrace. The bidder can then apply the Land (Compulsory Sale for Redevelopment) Ordinance to trigger an auction to secure the last property.
Stewart Terrace, built in 1949 at 89-95 Peak Road, comprises eight two- and three-storey residential buildings. The properties will be sold on an 'as is' basis with vacant possession by the end of next year.
Property agents believe many developers will have a keen interest as the site is one of only a few on The Peak available for sale and redevelopment.
The Town Planning Board has zoned the 61,449 square foot site for residential use. The building height is limited to four storeys including carport, while the maximum development plot ratio is 0.5 or the existing plot ratio.